Questions from Individual Taxation

Q: What are the three types of tax credits, and explain why

What are the three types of tax credits, and explain why it is important to distinguish between the different types of tax credits.

Q: Explain why there is such a large number and variety of tax

Explain why there is such a large number and variety of tax credits.

Q: What is the difference between a refundable and nonrefundable tax credit?

What is the difference between a refundable and nonrefundable tax credit?

Q: Is the child tax credit a refundable or nonrefundable credit? Explain

Is the child tax credit a refundable or nonrefundable credit? Explain.

Q: Diane has a job working three-quarter time. She hired

Diane has a job working three-quarter time. She hired her mother to take care of her two small children so Diane could work. Do Diane’s child care payments to her mother qualify for the child and depe...

Q: Compare and contrast the lifetime learning credit with the American opportunity credit

Compare and contrast the lifetime learning credit with the American opportunity credit.

Q: Jennie’s grandfather paid her tuition this fall to State University (an

Jennie’s grandfather paid her tuition this fall to State University (an eligible educational institution). Jennie is claimed as a dependent by her parents, but she also files her own tax return. Can J...

Q: Why is the earned income credit referred to as a negative income

Why is the earned income credit referred to as a negative income tax?

Q: Under what circumstances can a college student qualify for the earned income

Under what circumstances can a college student qualify for the earned income credit?

Q: Clem is married and is a skilled carpenter. Clem’s wife,

Clem is married and is a skilled carpenter. Clem’s wife, Wanda, works part-time as a substitute grade school teacher. Determine the amount of Clem’s expenses that are deductible for AGI this year (i...